A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead < Required 1 Required 2 > < Prev 12 of 15 Next >

A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead < Required 1 Required 2 > < Prev 12 of 15 Next >

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Description: pter 2 Homework i12ntseBookHintAskPrintReferencesMcGrawHillHOWD2W5**X#A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and directlabor cost is $612,000.1. Compute the under

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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* Question Completion Status: Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries Finished goods inventory, beginning Finished goods inventory, ending General & administrative expenses Indirect materials requisitioned to factory Production Supervisor, Salary Purchases of raw materials Raw materials inventory, ending Raw materials inventory, beginning Rent on production factory Rent, retail store Sales Utilities on manufacturing factory Utilities, retail store Wages, retail staff WIP inventory, beginning WIP inventory, ending Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAS, NO $ What is the cost of raw materials used in production? What is Direct Labour? What is Manufacturing Overhead? What is the Total Manufacturing Costs? O What is the Cost of Goods Manufactured? Type here to search 18,000 17,000 20,000 22,000 17,500 21,000 28,000 19,000 18,000 19,000 18,000 200,000…
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Debit Credit Beginning 0 Direct materials used 1,800,000 Direct labor used 230,000 Overhead 774,000 2,709,000 Cost of goods manufactured Ending 95,000 1. Determine the predetermined overhead rate used (based on direct materials cost).2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $33,000. How much direct labor cost and applied overhead are assigned to this job?
Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Work in process 1/1/22 $enter a dollar amount (a) $14,570 Direct materials used enter a dollar amount (b) $78,020 Direct labor 47,000 131,600 Manufacturing overhead applied 39,480 enter a dollar amount (d) Total manufacturing costs 136,911 enter a dollar amount (e) Total cost of work in process 189,410 enter a dollar amount (f) Work in process 12/31/22 enter a dollar amount (c) 11,092 Cost of goods manufactured 180,762 enter a dollar amount (g)
Refer to the previous question. Give the journal entry to adjust the Manufacturing Overhead account for overallocated or underallocated overhead. Reference Question. If a company incurred $5,250 in actual overhead costs and allocated $5,575 to jobs, was the overhead overallocated or underallocated? By how much?
Manufacturing overhead has an underallocated balance of $12,400; raw materials inventory balance is $145,500; work in process inventory is $122,800; finished goods inventory is $140,300; and cost of goods sold is $170,500. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold? Question 44 options: $12,400 $182,900 $170,500 $158,100
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
Munoz Company and Perez Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Munoz Company $ 172,000 25,000 $ 23,000 Perez Company $ 231,900 22,000 18,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below.
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Beginning finished goods Ending finished goods Cost of goods sold Case 1 $ 6,200 53,000 900 1,700 36,000 62,000 45,000 134,000 78,000 80,000 Case 2 11,550 2,000 2,450 13,500 39,450 80,600 38,600 73,800 31,900 74,000 Case 3 $ 30,000 49,640 1,400 32,720 29,280 94,000 42,950 90,125 53,200 113,075 Case 4 $ 94,000 3,600 94,200 121,750 540,930 101,920 238,100 831,900 398,500 845,400
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $1,560,000 applied and $15,000 overapplied $1,600,000 applied and $15,000 overapplied $1,560,000 applied and $15,000 underapplied $1,575,000 applied and neither under- nor overapplied ● An A ♫ $1,600,000 $1,575,000 400,000 W 390,000 D P & E f
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 a. Materials purchases (on credit). b. Direct materials used. View transaction list Journal entry worksheet
Problem 3-19 (Algo) Multiple Predetermined Overhead Rates; Applying Overhead [LO3-1, LO3-2, LO3-4] High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Department Molding Painting 33,500 53,300 85,000 35,000 $212,500 $463, 710 $ 3.00 $ 5.00 Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: Direct labor-hours…